Blume Capital Management Inc. Lowers Stake in Synopsys, Inc. (NASDAQ:SNPS)

Blume Capital Management Inc. lessened its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 12.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 752 shares of the semiconductor company’s stock after selling 105 shares during the period. Blume Capital Management Inc.’s holdings in Synopsys were worth $207,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. ARK Investment Management LLC raised its position in shares of Synopsys by 50.6% in the 1st quarter. ARK Investment Management LLC now owns 1,537,753 shares of the semiconductor company’s stock worth $381,024,000 after acquiring an additional 516,571 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Synopsys by 17.7% in the first quarter. Nuveen Asset Management LLC now owns 2,580,069 shares of the semiconductor company’s stock valued at $639,290,000 after buying an additional 388,612 shares during the last quarter. BlackRock Inc. grew its stake in shares of Synopsys by 2.4% during the first quarter. BlackRock Inc. now owns 13,083,698 shares of the semiconductor company’s stock worth $3,241,878,000 after acquiring an additional 306,362 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Synopsys by 7.1% in the 1st quarter. Franklin Resources Inc. now owns 3,608,212 shares of the semiconductor company’s stock valued at $893,981,000 after purchasing an additional 240,668 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Synopsys by 19.5% in the first quarter. Nordea Investment Management AB now owns 1,248,943 shares of the semiconductor company’s stock worth $308,426,000 after buying an additional 203,592 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Shares of Synopsys stock traded up $1.07 during trading hours on Wednesday, reaching $333.66. 1,791 shares of the company’s stock were exchanged, compared to its average volume of 835,766. The business has a fifty day moving average of $302.20 and a two-hundred day moving average of $268.47. The company has a market capitalization of $50.88 billion, a P/E ratio of 69.29, a price-to-earnings-growth ratio of 4.47 and a beta of 1.08. Synopsys, Inc. has a 1 year low of $193.55 and a 1 year high of $340.66.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Tuesday, August 17th. The semiconductor company reported $1.81 EPS for the quarter, beating the Zacks’ consensus estimate of $1.78 by $0.03. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Synopsys had a net margin of 18.48% and a return on equity of 15.03%. Synopsys’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.74 EPS. As a group, research analysts anticipate that Synopsys, Inc. will post 4.66 EPS for the current fiscal year.

Synopsys announced that its board has initiated a stock buyback program on Thursday, June 17th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to repurchase up to 1.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

SNPS has been the subject of a number of research analyst reports. KeyCorp raised their target price on Synopsys from $320.00 to $347.00 and gave the stock an “overweight” rating in a research note on Thursday, August 19th. Robert W. Baird upped their target price on Synopsys from $320.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, August 19th. Westpark Capital started coverage on shares of Synopsys in a research note on Thursday, July 15th. They set a “buy” rating and a $340.00 price objective for the company. Rosenblatt Securities raised their target price on shares of Synopsys from $314.00 to $349.00 and gave the stock a “buy” rating in a report on Wednesday, August 25th. Finally, Wells Fargo & Company upped their price target on shares of Synopsys from $325.00 to $340.00 and gave the company an “overweight” rating in a report on Thursday, August 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $318.75.

In related news, Director Roy Vallee sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 30th. The stock was sold at an average price of $334.00, for a total transaction of $3,340,000.00. Following the completion of the transaction, the director now directly owns 10,239 shares in the company, valued at approximately $3,419,826. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sudhindra Kankanwadi sold 3,325 shares of the firm’s stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $320.57, for a total transaction of $1,065,895.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 347,230 shares of company stock worth $108,939,023. 1.56% of the stock is currently owned by company insiders.

About Synopsys

Synopsys, Inc engages in the provision of software products and consulting services in the electronic design automation industry. The firm operates through the following segments: Semiconductor and System Design, and Software Integrity. It provides intellectual property products, which are pre-designed circuits that engineers use as components of larger chip designs, as well as software and hardware that are used to develop the electronic systems that incorporate chips and the software that runs on the circuits.

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Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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